Hows The Market
Halifax Real Estate Market Update – 1st Quarter 2013
Halifax Real Estate Market Update - 1st Quarter 2013. The numbers below are based on MLS® statistics for areas 1-40 which encompass all of HRM.
Residential*
1st Qtr 2013
Average Sale Price – $289,776
Number of Sales – 858
% vs 2012(price) – +2.6%
% vs 2012(sales) – -34%
Average Days on Market – 94
Active Listings – 2812
Absorption Rate*** – 39 weeks
Type of Market – buyers
Synopsis
The 1st quarter in the Halifax real estate market saw a huge decrease in the number of sales(34%). This can be attributed to the speculation of the governments shipbuilding announcement last year which caused a significant uptick in the first quarter of 2012. The tightening of the mortgage rules also caused a decrease in sales. Prices continued increase at a steady pace of 2.6%.
Multi-Family**
1st Qtr 2013
Average Price – $426,572
Number of Sales – 22
% vs 2012(price) – +26%
% vs 2012(sales) – -31%
Average Days on Market – 84
Active Listings – 66
Absorption Rate*** – 31 weeks
Type of Market – buyers
Synopsis
Multi-Family
Multi-Family homes saw a significant price increase in the first quarter increasing by 26%. As was the case with single family residential sales were down substantially(31%).
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* Includes single family homes and condominiums
** Includes multi- family homes 2-12 units
***Absorption Rate – The rate at which available homes are sold in a specific real estate market during a given time period. It is calculated by dividing the total number of available homes by the average number of sales per week. The figure shows how many weeks it will take to exhaust the supply of homes on the market. A high absorption rate may indicate that the supply of available homes will shrink rapidly, increasing the odds that a homeowner will sell a piece of property in a shorter period of time.
Buyer’s Market: Over 25 weeks of supply
Balanced/Transitional Market: 22-26 weeks of supply
Seller’s Market: Less than 22 weeks of supply
If you would like more information on the Halifax Real Estate market I can be easily reached by email andrew@halifaxrealestateguy.com or by phone 902-488-0012.
Kind Regards,
Andrew Perkins
Halifax Real Estate Guy
Halifax Real Estate Market – 2012 Year In Review
Halifax Real Estate Market year in review 2012. The numbers below are based on MLS® statistics for areas 1-40 which encompass all of HRM.
Residential*
2012
Average Sale Price – $286,818
Number of Sales – 5247
% vs 2011(price) – +4.2%
% vs 2011(sales) – +0.9%
Average Days on Market – 84
Active Listings – 2261
Absorption Rate*** – 55 weeks
Type of Market – buyers
Synopsis
2012 was another steady year for the Halifax real estate market. Average price continued to increase at it’s normal pace, going up 4.3%. After a very strong start to sales at the beginning of the year, sales cooled near the end but we still saw a slight increase of 0.9%. Going forward in 2012 we see similar trends occurring in the Halifax real estate market. Sales will stay steady, possibly decreasing with the new mortgage rules and price continuing to increase by 3-5%. The absorption rate climbed substantially in the last couple of months of 2012 now sitting at 55 weeks making it a very strong buyers market. Look for this decrease as more buyers enter the market in the spring of the year
Multi-Family**
2012
Average Price – $402,270
Number of Sales – 142
% vs (price) – +11.8%
% vs (sales) – +19%
Average Days on Market – 62
Active Listings – 48
Absorption Rate*** – 30 weeks
Type of Market – buyers
Synopsis
Multi-Family
Multi-Family homes had a strong year in 2012. Both average price and number of sales increased substantially. With the goverments shipbuilding contract getting closer to fruition a lot of buyers are picking up investment properties to hold for the future. We may see a slight slow down in this market segment in 2012 as a increase in price of 12% and sales of 19% is not sustainable.
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* Includes single family homes and condominiums
** Includes multi- family homes 2-12 units
***Absorption Rate – The rate at which available homes are sold in a specific real estate market during a given time period. It is calculated by dividing the total number of available homes by the average number of sales per week. The figure shows how many weeks it will take to exhaust the supply of homes on the market. A high absorption rate may indicate that the supply of available homes will shrink rapidly, increasing the odds that a homeowner will sell a piece of property in a shorter period of time.
Buyer’s Market: Over 25 weeks of supply
Balanced/Transitional Market: 22-26 weeks of supply
Seller’s Market: Less than 22 weeks of supply
If you would like more information on the Halifax Real Estate market I can be easily reached by email andrew@halifaxrealestateguy.com or by phone 902-488-0012.
Kind Regards,
Andrew Perkins
Halifax Real Estate Guy
Halifax Real Estate Market Update – November 2012
Halifax Real Estate Market update for November 2012. The numbers below are based on MLS® statistics for areas 1-40 which encompass all of HRM.
Residential*
November 2012
Average Sale Price – $287,004
Number of Sales – 312
% vs November 2011(price) – +4.4%
% vs November 2011(sales) – -34%
Average Days on Market – 92
Active Listings – 2397
Absorption Rate – 33 weeks
Type of Market – buyers
Multi-Family**
November 2012
Average Price – $394,727
Number of Sales – 11
% vs November(price) – -.7%
% vs November(sales) – -8%
Average Days on Market – 92
Active Listings – 62
Absorption Rate – 25 weeks
Type of Market – balanced
* Includes single family homes and condominiums
** Includes multi- family homes 2-12 units
Synopsis
Residential
November month in the Halifax real estate market saw a significant decline in sales. With the tightening of the mortgage rules by the federal government we have seen a drastic slowdown in the number of sales, decreasing by 34%. This is due in large part by the speculation bought on by the shipbuilding announcement this time last year . Average price continued to increase by 4.4%. After experiencing a sellers market for most of the year we are now in a buyers market.
Multi-Family
Investment properties in HRM saw average price remain the same as 2011 and sales decreased by 8%. The absorption dropped to 25 weeks making the multi-family market balanced.
If you would like more information on the Halifax Real Estate market I can be easily reached by email andrew@halifaxrealestateguy.com or by phone 902-488-0012.
Kind Regards,
Andrew Perkins
Halifax Real Estate Guy
Halifax Real Estate Market Update – October 2012
Halifax Real Estate Market update for October 2012. The numbers below are based on MLS® statistics for areas 1-40 which encompass all of HRM.
Residential*
October 2012
Average Sale Price – $273,836
Number of Sales – 360
% vs October 2011(price) – +2%
% vs October 2011(sales) – +0.85%
Average Days on Market – 78
Active Listings – 2602
Absorption Rate – 31 weeks
Type of Market – buyers
Multi-Family**
October 2012
Average Price – $360,867
Number of Sales – 9
% vs October(price) – -12.8%
% vs October(sales) – -43%
Average Days on Market – 53
Active Listings – 73
Absorption Rate – 35 weeks
Type of Market – buyers
* Includes single family homes and condominiums
** Includes multi- family homes 2-12 units
Synopsis
Residential
October month in the Halifax real estate market saw very similar numbers as October 2011. With the tightening of the mortgage rules by the federal government we have seen a bit of a slow down in the market. Average price continued to increase only by 2% and the number of sales were up slightly at 0.85%%. After experiencing a sellers market for most of the year we are now in a buyers market.
Multi-Family
Investment properties in HRM saw both average price and sales decrease in the October. Average price decreased by 12.8% and the number of sales decreased substantially by 43%.
If you would like more information on the Halifax Real Estate market I can be easily reached by email andrew@halifaxrealestateguy.com or by phone 902-488-0012.
Kind Regards,
Andrew Perkins
Halifax Real Estate Guy
Halifax Real Estate Market Update – 3rd Quarter 2012
Halifax Real Estate Market update 3rd Quarter 2012. The numbers below are based on MLS® statistics for areas 1-40 which encompass all of HRM.
Residential*
3rd Quarter 2012
Average Sale Price – $284,459
Number of Sales – 1234
% vs 3rd Quarter 2011(price) – +3.6%
% vs 3rd Quarter 2011(sales) – -6.9%
Average Days on Market – 82
Active Listings – 2770
Absorption Rate – 39 weeks
Type of Market – buyers
Multi-Family**
3rd Quarter 2012
Average Price – $413,174
Number of Sales – 35
% vs 3rd Quarter(price) – +5.2%
% vs 3rd Quarter(sales) – +60%
Average Days on Market – 53
Active Listings – 73
Absorption Rate – 29 weeks
Type of Market – buyers
* Includes single family homes and condominiums
** Includes multi- family homes 2-12 units
Synopsis
Residential
The 3rd Quarter in the Halifax real estate market saw a decrease in the number of sales. With the tightening of the mortgage rules by the federal government we have seen a bit of a slow down in the market. Average price continued to increase at a steady pace of 3.6%. After experiencing a sellers market for most of the year we are now in a buyers market.
Multi-Family
Investment properties in HRM saw both average price and sales increase n the 3rd quarter. Average price increased by 5.2% and the number of sales increased substantially by 60%.
If you would like more information on the Halifax Real Estate market I can be easily reached by email andrew@halifaxrealestateguy.com or by phone 902-488-0012.
Kind Regards,
Andrew Perkins
Halifax Real Estate Guy
